Paatelainen confirmed they had accepted a bid from Scunthorpe for the striker after their 1-1 draw with St Johnstone.
The Finn said: "There's been contact from Scunthorpe and it's more or less agreed by the clubs - it's down to Conor whether anything happens.
"At this moment in time we don't know whether he goes or not. I haven't been in touch with our chairman today. I'll have a private chat with Conor and, if he asks my opinion, I'll talk to him.
"If he goes, he would be a massive loss, as somebody who's scored 16 goals in half a season is a great tally."